TOKYO, Oct 7 (KUNA) -- The US dollar fell to a 10-month low in the lower 88
yen range on Wednesday in Tokyo, a day after Britain's Independent newspaper
reported that Arab states were in talks to end the use of the dollar for oil
The greenback briefly touched JPY 88.08, its lowest level since Dec. 18 in
Tokyo. At 6:30 p.m. (0930 GMT), the dollar traded at JPY 88.20-22 versus
Tuesday's 5 p.m. quotes of JPY 88.78-88 in New York and JPY 89.26-28 in Tokyo.
The euro was quoted at USD 1.4724-4726 and JPY 129.88-92 at 6:30 p.m.
against USD 1.4718-4728 and JPY 130.70-80 in New York and USD 1.4718-4720 and
JPY 131.38-42 in Tokyo late Tuesday.
A stronger yen hurts Japanese exporters by making their products more
expensive abroad. Japanese Finance Minister Hirohisa Fujii said Wednesday that
the government is "calmly" monitoring the currency market, suggesting no
intervention is needed at this stage.
"However, if the foreign exchange moves abnormally, we would take
appropriate steps," Fujii told a press conference. The minister also said the
yen's rise against dollar is attributed to the dollar's weakness that has been
stemmed from low interest rates in the US, rather than the yen's appreciation.
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